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Assume that the supply of bauxite (the ore from which most aluminum is produced) is Qs = 5P - 15 + sigma. where variable a represents an exogenous supply shifter. The demand for bauxite is Qd = 39 - P. For parts (a)-(d). Assume that sigma=0. Calculate the inverse supply curve and inverse demand curve. At market equilibrium, how much bauxite is produced and sold in this market? What is the total revenue earned by selling bauxite? What is the elasticity of supply, at the equilibrium point? What is the elasticity of demand, at the equilibrium point?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91228503

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